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Just like that, home equity line cut in half (The News & Observer)
Carolyn and Joe Mottola signed a contract for a new house Aug. 14. They deposited a $5,000 check written on their home equity line of credit at Wachovia. That same evening, they opened a letter from Wachovia dated Aug. 11 saying that their $100,000 line of credit had been suspended.
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Cashing out the nest egg (Minneapolis-St. Paul Star Tribune)
Reverse mortgages have become the hit of the housing loans market. While overaggressive lenders can cause disastrous results, prudent cash-poor seniors can gain needed access to their home equity.
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New industry offers cash to owners in exchange for a share in the future growth of their home's value (Los Angeles Times)
First of two parts
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Real Estate Live (Washington Post)
Welcome to Real Estate Live, an online discussion of the Washington area housing market with Post Real Estate editor Maryann Haggerty and columnist Elizabeth Razzi.
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Reis, Inc. Announces Bulk Sale of Lots and Debt Reductions (Centre Daily Times)
Reis, Inc. (NASDAQ:REIS) ("Reis" or the "Company") today announced that it has completed the sale of eight partially improved lots, in a single transaction, to a regional homebuilder for $900,000 at the Orchards. The Orchards is the Company's single family home development in East Lyme, Connecticut. All of the transaction proceeds were used to partially repay the project's construction loan. Of ...
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Government monitors equity lending changes (Miami Herald)
An increase in consumer complaints over the cancellation or reduction of home equity lines of credit has prompted one federal banking regulator to remind financial institutions about the laws governing this type of loan.
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Thoughts on the Continuing Crisis (GoldSeek.com)
We are entering the next stage of the credit crisis, and one which is potentially more troubling than what we have seen over the past year, absent some policy reactions by the central banks and governments world wide.
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First Horizon CEO ready for upturn (Memphis Commercial Appeal)
For much of the past two years, the leaders of Memphis-based First Horizon National Corp. have been talking about their problems. On Friday, Bryan Jordan, ending a busy first week as chief executive officer, also talked about the other side of the mountain -- which First Horizon may not reach until late next year.
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Baytown Woman Sues Mortgage Company over Predatory Lending (FOX 26 Houston)
Alpha Mortgage USA Inc. and American Home Mortgage Servicing Inc. engaged in a racially targeted predatory lending practice called "reverse redlining," according to a lawsuit filed in federal court by an African-American woman from the Houston area.
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Local woman sues over predatory lending (11 News Houston)
Alpha Mortgage USA Inc. and American Home Mortgage Servicing Inc. engaged in a racially targeted predatory lending practice called “reverse redlining,” according to a lawsuit filed in federal court by a black suburban Houston woman.
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